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SVMK Inc. (SVMK)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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22.97-1.72 (-6.97%)
At close: 4:00PM EDT
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Previous Close24.69
Open24.15
Bid22.96 x 1000
Ask22.96 x 2900
Day's Range22.65 - 25.29
52 Week Range9.35 - 25.69
Volume1,632,524
Avg. Volume1,204,300
Market Cap3.171B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.62
Earnings DateNov. 05, 2020 - Nov. 09, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est25.63
  • GlobeNewswire

    SurveyMonkey Announces Second Quarter 2020 Financial Results

    Company reports record revenue, strong growth in enterprise customers Company generated $19.1 million of free cash flow in the quarterSAN MATEO, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- SurveyMonkey (Nasdaq: SVMK), a leader in agile software solutions for customer experience, market research and survey feedback, today reported second quarter financial results for the period ended June 30, 2020.“SurveyMonkey delivered another quarter of strong financial results that exceeded our guidance. Revenue was $90.9 million, a 21% year-over-year increase, and we ended the quarter with more than 7,200 enterprise customers, up 51% from Q2 2019,” said Zander Lurie, chief executive officer of SurveyMonkey. “World-class organizations like ZoomInfo, GitHub, Big Brothers Big Sisters of America, Korn Ferry, Stitch Fix, thredUP, and Vanguard Charitable are choosing SurveyMonkey to accelerate their digital transformation.”Q2 2020 Key Results * Revenue was $90.9 million, an increase of 21% year-over-year. * Enterprise sales represents approximately 28% of total revenue, up from approximately 20% in Q2 2019. We ended the quarter with more than 7,200 enterprise sales customers, up 51% from approximately 4,800 in Q2 2019. * Deferred revenue was $159.5 million, an increase of 28% year-over-year. Remaining performance obligations were $178.1 million, an increase of 27% year-over-year. * Paying users totaled 781,000, an increase of more than 88,500, or 13% from 692,500 in Q2 2019, and an increase of 34,800 paying users from Q1 2020. Approximately 86% of our paying users were on annual plans, up from 80% a year ago. * Average revenue per user was $478, up 8% from $442 in Q2 2019. * GAAP operating margin was (22.6%) and non-GAAP operating margin was 2.5%. * GAAP net loss was $22.9 million and GAAP basic and diluted net loss per share was $0.17. Non-GAAP net loss was $0.2 million and non-GAAP basic and diluted net loss per share was approximately $0.00. * Net cash provided by operating activities was $21.9 million and free cash flow was $19.1 million for 24.0% and 21.0% margin, respectively. * Cash and cash equivalents totaled $176.8 million and total debt was $214.6 million for net debt of $37.8 million as of June 30, 2020.Q2 2020 Company Highlights SurveyMonkey announced its vendor diversity initiative, an ongoing commitment to advancing diversity, equity, and inclusion. SurveyMonkey teamed up with fifteen major tech companies including Slack, Zoom, Box, and Intuit, and partnered with The Justice Collective to create a survey template that goes beyond minority ownership to include the makeup of a vendor’s leadership team, employee base, and DEI practices.Launched resources for advancing racial equity, including a statement on how SurveyMonkey is pursuing racial justice within the company and in the broader business community. * SurveyMonkey is enhancing its existing diversity hiring goals and internal programs, offering mental health support to employees of color, conducting company-wide anti-racism training, and offering expanded allyship educational resources. * SurveyMonkey is donating $100,000 to organizations selected by our employee group dedicated to Black employees and double-matching donations to select nonprofits focused on racial equity through the YourCause platform. The company is also adding several racial justice nonprofits to the SurveyMonkey Contribute platform. The company will also focus on using vendors, agencies and partners that prioritize diversity, and provide a 25% discount on SurveyMonkey products to nonprofits working for racial equity.Listed among Parity.org’s Best Companies for Women to Advance for 2020 and a San Francisco Business Times Top Corporate Philanthropists.Published its 2020 Market Research Survival Guide and a study that finds that 70% of market research professionals say they are likely to transition to more do-it-yourself market research tools in the next year.United its customer experience (CX) solutions under the GetFeedback Suite brand to accelerate its CX strategy. SurveyMonkey will continue to offer both GetFeedback and Usabilla to organizations globally while working to integrate the two product lines into a multi-channel CX offering.Launched return to work solutions for enterprise customers, including leadership check-in survey templates, HIPAA-compliant features for health monitoring surveys, and professional services. The solution gives leaders a deeper understanding of the health and well-being of employees, and helps organizations turn feedback into an action plan for their employees' safe return to work.Announced new features and updates to its app integration with Microsoft Teams, Microsoft’s unified communications and collaboration platform with more than 75 million active daily users.Hosted its third annual virtual Curiosity Conference which featured general sessions to help organizations understand how to stay connected, featuring tracks across Marketing, Human Resources, CX, Market Research, and Education.SurveyMonkey posted a shareholder letter with complete second quarter 2020 financial results and management commentary on its investor relations website at investor.surveymonkey.com.Financial Outlook For the third quarter of 2020, SurveyMonkey currently expects the following:Q3 2020 Revenue$93 million - $96 million19% YoY growth at mid-point Non-GAAP operating margin1% to 3% The Company expects basic and diluted weighted average shares outstanding to be approximately 141 million for the third quarter of 2020. For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.Conference Call Information SurveyMonkey senior management will host a conference call today to discuss the Company’s Q2 2020 financial results. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (866) 417-2046 or (409) 217-8231. To listen to a live audio webcast, please visit SurveyMonkey’s Investor Relations website at investor.surveymonkey.com. A replay of the audio webcast will be available on the same website following the call. A telephonic replay will be available through August 13, 2020 by dialing (855) 859-2056 or (404) 537-3406 and entering passcode 5748539.About SurveyMonkey SurveyMonkey is a leader in agile software solutions for customer experience, market research and survey feedback. The company’s platform empowers over 17 million active users to analyze and act on feedback from employees, customers, website and app users, and market research respondents. SurveyMonkey’s products, enterprise solutions, and integrations enable more than 335,000 organizations to deliver better customer experiences, increase employee retention​, and unlock growth and innovation. Ultimately, SurveyMonkey's vision is to raise the bar for human experiences by amplifying individual voices.Investor Relations Contact: Gary J. Fuges, CFA ir@surveymonkey.comMedia Contact: Lara Sasken lsasken@surveymonkey.comSource: SVMK Inc. SVMK INC.CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)(in thousands) June 30, 2020  December 31, 2019  Assets         Current assets:         Cash and cash equivalents $176,772  $131,035  Accounts receivable, net  18,448   17,795  Deferred commissions, current  4,011   3,078  Prepaid expenses and other current assets  13,767   9,382  Total current assets  212,998   161,290  Property and equipment, net  26,661   35,072  Operating lease right-of-use assets  60,056   63,904  Capitalized internal-use software, net  32,415   33,156  Acquisition intangible assets, net  26,389   33,150  Goodwill  462,803   462,927  Deferred commissions, non-current  7,266   5,384  Other assets  8,766   9,376  Total assets $837,354  $804,259  Liabilities and stockholders’ equity         Current liabilities:         Accounts payable $6,560  $2,677  Accrued expenses and other current liabilities  16,800   16,077  Accrued compensation  19,619   24,031  Deferred revenue, current  158,601   139,990  Operating lease liabilities, current  7,970   8,381  Debt, current  1,900   1,900  Total current liabilities  211,450   193,056  Deferred revenue, non-current  908   1,015  Deferred tax liabilities  5,063   4,870  Debt, non-current  212,666   213,616  Operating lease liabilities, non-current  78,221   82,668  Other non-current liabilities  7,955   7,050  Total liabilities  516,263   502,275  Commitments and contingencies         Stockholders’ equity:         Preferred stock  —   —  Common stock  1   1  Additional paid-in capital  772,313   705,143  Accumulated other comprehensive loss  (1,333)  (444) Accumulated deficit  (449,890)  (402,716) Total stockholders’ equity  321,091   301,984  Total liabilities and stockholders’ equity $837,354  $804,259            SVMK INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)  Three Months Ended  Six Months Ended  June 30,June 30, (in thousands, except per share amounts) 2020  2019  2020  2019  Revenue $90,941  $75,139  $179,206  $143,780  Cost of revenue (1)(2)  21,009   19,047   40,953   36,577  Gross profit  69,932   56,092   138,253   107,203  Operating expenses:                 Research and development (1)  26,571   22,407   53,128   43,213  Sales and marketing (1)(2)  42,578   29,689   84,669   55,739  General and administrative (1)  21,339   19,746   43,271   40,302  Restructuring  —   —   —   (66) Total operating expenses  90,488   71,842   181,068   139,188  Loss from operations  (20,556)  (15,750)  (42,815)  (31,985) Interest expense  2,422   3,647   5,508   7,306  Other non-operating (income) expense, net  102   (575)  (1,134)  (2,554) Loss before income taxes  (23,080)  (18,822)  (47,189)  (36,737) Provision for (benefit from) income taxes  (156)  (344)  (15)  (482) Net loss $(22,924) $(18,478) $(47,174) $(36,255) Net loss per share, basic and diluted $(0.17) $(0.14) $(0.34) $(0.28) Weighted-average shares used in computing basic and diluted net loss per share  138,777   131,099   137,844   128,943  (1)   Includes stock-based compensation, net of amounts capitalized as follows:   Three Months Ended Six Months Ended June 30,June 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $1,047 $991 $2,007 $2,087 Research and development  7,496  5,629  13,953  10,395 Sales and marketing  4,841  3,016  9,184  5,796 General and administrative  6,087  5,518  11,829  11,987 Stock-based compensation, net of amounts capitalized $19,471 $15,154 $36,973 $30,265               (2)   Includes amortization of acquisition intangible assets as follows:   Three Months Ended Six Months Ended June 30,June 30, (in thousands) 2020 2019 2020 2019 Cost of revenue $2,003 $1,403 $4,013 $1,891 Sales and marketing  1,355  766  2,713  1,303 Amortization of acquisition intangible assets $3,358 $2,169 $6,726 $3,194               SVMK INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)  Six Months Ended June 30,  (in thousands) 2020  2019  Cash flows from operating activities         Net loss $(47,174) $(36,255) Adjustments to reconcile net loss to net cash provided by operating activities:         Depreciation and amortization  24,502   20,695  Non-cash leases expense  6,830   6,059  Stock-based compensation expense, net of amounts capitalized  36,973   30,265  Deferred income taxes  195   (415) Gain on sale of a private company investment  (1,001)  (1,001) Other  1,678   51  Changes in assets and liabilities:         Accounts receivable  (1,506)  (1,830) Prepaid expenses and other assets  (6,714)  (3,387) Accounts payable and accrued liabilities  5,659   1,996  Accrued compensation  (4,408)  (6,311) Deferred revenue  18,720   18,576  Operating lease liabilities  (7,659)  (6,731) Net cash provided by operating activities  26,095   21,712  Cash flows from investing activities         Acquisitions, net of cash acquired  —   (53,138) Purchases of property and equipment  (772)  (1,335) Capitalized internal-use software  (5,372)  (6,527) Proceeds from sale of a private company investment  1,001   1,001  Net cash used in investing activities  (5,143)  (59,999) Cash flows from financing activities         Proceeds from stock option exercises  24,279   37,593  Proceeds from employee stock purchase plan  3,082   2,662  Repayment of debt  (1,100)  (1,100) Net cash provided by financing activities  26,261   39,155  Effect of exchange rate changes on cash  (1,090)  (55) Net increase in cash, cash equivalents and restricted cash  46,123   813  Cash, cash equivalents and restricted cash at beginning of period  131,683   154,371  Cash, cash equivalents and restricted cash at end of period $177,806  $155,184  Supplemental cash flow data:         Interest paid for term debt $5,198  $6,913  Income taxes paid $394  $676  Non-cash investing and financing transactions:         Fair value of common stock issued as acquisition consideration $—  $30,092  Stock compensation included in capitalized software costs $1,486  $2,031  Accrued unpaid capital expenditures $7  $321  Lease liabilities arising from obtaining right-of-use assets $—  $2,477  Proceeds receivable from stock option exercises $1,350  $—  Derecognized financing obligation related to building due to adoption of ASC 842 $—  $92,009  Derecognized building due to adoption of ASC 842 $—  $71,781            SVMK INC.RECONCILIATION OF GAAP TO NON-GAAP DATA (unaudited) (1)Reconciliation of GAAP to Non-GAAP (Loss) Income from Operations  Three Months Ended  Six Months Ended  June 30,June 30, (in thousands, except percentages) 2020  2019  2020  2019  GAAP Loss from operations $(20,556) $(15,750) $(42,815) $(31,985) GAAP Operating margin  (23)%  (21)%  (24)%  (22)% Stock-based compensation, net  19,471   15,154   36,973   30,265  Amortization of acquisition intangible assets  3,358   2,169   6,726   3,194  Restructuring  —   —   —   (66) Non-GAAP (Loss) Income from operations $2,273  $1,573  $884  $1,408  Non-GAAP Operating margin  2%  2%  —%  1% Reconciliation of GAAP to Non-GAAP Loss and Loss per diluted share  Three Months Ended  Six Months Ended  June 30,June 30, (in thousands, except per share amounts) 2020  2019  2020  2019  GAAP Net loss $(22,924) $(18,478) $(47,174) $(36,255) GAAP Net loss per diluted share $(0.17) $(0.14) $(0.34) $(0.28) Weighted-average shares used to compute GAAP net loss per diluted share  138,777   131,099   137,844   128,943                    Stock-based compensation, net  19,471   15,154   36,973   30,265  Amortization of acquisition intangible assets  3,358   2,169   6,726   3,194  Restructuring  —   —   —   (66) Gain on sale of a private company investment  —   —   (1,001)  (1,001) Income tax effect on Non-GAAP adjustments (2)  (122)  94   (25)  188                    Non-GAAP Net loss $(217) $(1,061) $(4,501) $(3,675) Non-GAAP Net loss per diluted share $—  $(0.01) $(0.03) $(0.03) Weighted-average shares used to compute Non-GAAP net loss per diluted share  138,777   131,099   137,844   128,943  (1) Please see Appendix A for explanation of non-GAAP measures used. (2)Due to the full valuation allowance on our US deferred tax assets, there were no tax effects associated with the Non-GAAP adjustments for stock-based compensation, net, restructuring and gain on sale of a private company investment. Non-GAAP adjustments pertain to the income tax effects of amortization of acquisition-related intangible assets. SVMK INC.RECONCILIATION OF GAAP TO NON-GAAP DATA (unaudited) (1)Calculation of Free Cash Flow  Three Months Ended  Six Months Ended  June 30,June 30, (in thousands) 2020  2019  2020  2019  Net cash provided by operating activities $21,862  $13,909  $26,095  $21,712  Purchases of property and equipment  (366)  (754)  (772)  (1,335) Capitalized internal-use software  (2,426)  (3,377)  (5,372)  (6,527) Free cash flow $19,070  $9,778  $19,951  $13,850                    Supplemental GAAP and Non-GAAP Information  Three Months Ended  Six Months Ended  June 30,June 30, (in thousands, except percentages) 2020  2019  2020  2019  GAAP Gross profit $69,932  $56,092  $138,253  $107,203  GAAP Gross margin  77%  75%  77%  75% Stock-based compensation, net  1,047   991   2,007   2,087  Amortization of acquisition intangible assets  2,003   1,403   4,013   1,891  Non-GAAP Gross profit $72,982  $58,486  $144,273  $111,181  Non-GAAP Gross margin  80%  78%  81%  77%                   GAAP Research and development $26,571  $22,407  $53,128  $43,213  GAAP Research and development margin  29%  30%  30%  30% Stock-based compensation, net  7,496   5,629   13,953   10,395  Non-GAAP Research and development $19,075  $16,778  $39,175  $32,818  Non-GAAP Research and development margin  21%  22%  22%  23%                   GAAP Sales and marketing $42,578  $29,689  $84,669  $55,739  GAAP Sales and marketing margin  47%  40%  47%  39% Stock-based compensation, net  4,841   3,016   9,184   5,796  Amortization of acquisition intangible assets  1,355   766   2,713   1,303  Non-GAAP Sales and marketing $36,382  $25,907  $72,772  $48,640  Non-GAAP Sales and marketing margin  40%  34%  41%  34%                   GAAP General and administrative $21,339  $19,746  $43,271  $40,302  GAAP General and administrative margin  23%  26%  24%  28% Stock-based compensation, net  6,087   5,518   11,829   11,987  Non-GAAP General and administrative $15,252  $14,228  $31,442  $28,315  Non-GAAP General and administrative margin  17%  19%  18%  20% (1)   Please see Appendix A for explanation of non-GAAP measures used.  APPENDIX ASVMK INC. EXPLANATION OF NON-GAAP MEASURESTo supplement our condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP (“GAAP”), we use the following Non-GAAP financial measures: Non-GAAP (loss) income from operations, Non-GAAP operating margin, Non-GAAP net loss, Non-GAAP net loss per diluted share, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP research and development, Non-GAAP research and development margin, Non-GAAP sales and marketing, Non-GAAP sales and marketing margin,  Non-GAAP general and administrative, Non-GAAP general and administrative margin, and free cash flow. Our definition for each Non-GAAP measure used is provided below, however a limitation of Non-GAAP financial measures are that they do not have uniform definitions. Accordingly, our definitions for Non-GAAP measures used will likely differ from similarly titled Non-GAAP measures used by other companies thereby limiting comparability.With regards to the Non-GAAP guidance provided above, a reconciliation to the corresponding GAAP amounts are not provided as the quantification of certain items excluded from each respective Non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted at this time without unreasonable efforts.  For example, the Non-GAAP adjustment for stock-based compensation expense, net, requires additional inputs such as number of shares granted and market price that are not currently ascertainable.Non-GAAP (loss) income from operations, Non-GAAP operating margin: We define Non-GAAP (loss) income from operations as GAAP loss from operations excluding stock-based compensation, net, amortization of acquisition intangible assets and restructuring. Non-GAAP operating margin is defined as Non-GAAP (loss) income from operations divided by revenue.Non-GAAP net loss, Non-GAAP net loss per diluted share: We define Non-GAAP net loss as GAAP net loss excluding stock-based compensation, net, amortization of acquisition intangible assets, restructuring and gain on sale of a private company investment. Non-GAAP net loss per diluted share is defined as Non-GAAP net loss divided by the weighted-average shares outstanding.Non-GAAP gross profit, Non-GAAP gross margin: We define Non-GAAP gross profit as GAAP gross profit excluding stock-based compensation, net and amortization of acquisition intangible assets. Non-GAAP gross margin is defined as Non-GAAP gross profit divided by revenue.Non-GAAP research and development, Non-GAAP research and development margin: We define Non-GAAP research and development as GAAP research and development excluding stock-based compensation, net. Non-GAAP research and development margin is defined as Non-GAAP research and development divided by revenue.Non-GAAP sales and marketing, Non-GAAP sales and marketing margin: We define Non-GAAP sales and marketing as GAAP sales and marketing excluding stock-based compensation, net and amortization of acquisition intangible assets. Non-GAAP sales and marketing margin is defined as Non-GAAP sales and marketing divided by revenue.Non-GAAP general and administrative, Non-GAAP general and administrative margin: We define Non-GAAP general and administrative as GAAP general and administrative excluding stock-based compensation, net. Non-GAAP general and administrative margin is defined as Non-GAAP general and administrative divided by revenue.We use these Non-GAAP measures to compare and evaluate our operating results across periods in order to manage our business, for purposes of determining executive and senior management incentive compensation, and for budgeting and developing our strategic operating plans. We believe that these Non-GAAP measures provide useful information about our operating results, enhance the overall understanding of our past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by our management in evaluating our financial performance and for operational decision making, but they are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.We have excluded the effect of the following items from the aforementioned Non-GAAP measures because they are non-cash and/or are non-recurring in nature and because we believe that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance and liquidity. We further believe this measure is useful to investors in that it allows for greater transparency to certain line items in our financial statements and facilitates comparisons to historical operating results and comparisons to peer operating results. A description of the Non-GAAP adjustments for the above measures is as follows: * Stock-based compensation, net: We incur stock based-compensation expense on a GAAP basis resulting from equity awards granted to our employees. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods. * Amortization of intangible assets: We incur amortization expense on intangible assets on a GAAP basis resulting from prior acquisitions. Amortization of acquired intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of any acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of acquired intangible assets will recur in future periods. * Restructuring: Restructuring expenses consist of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. We expect that restructuring costs will generally diminish over time with respect to past acquisitions and/or strategic initiatives.  However, we may incur these expenses in future periods in connection with any new acquisitions and/or strategic initiatives. * Gain on sale of a private company investment: Gain on sale of a private company investment was recognized on a GAAP basis resulting from the sale of certain corporate assets. We expect that such transactions will be infrequent in occurrence and are therefore excluded from our Non-GAAP results as they do not otherwise relate to our core business operations.For more information on the Non-GAAP financial measures, please see the “Reconciliation of GAAP to Non-GAAP Data” section of this press release. The accompanying tables provide details on the GAAP financial measures that are most directly comparable to the Non-GAAP financial measures and the related reconciliations between those financial measures.Free cash flow: We define free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment and capitalized internal-use software. We consider free cash flow to be an important measure because it measures our liquidity after deducting capital expenditures for purchases of property and equipment and capitalized software development costs, which we believe provides a more accurate view of our cash generation and cash available to grow our business. We expect to generate positive free cash flow over the long term. Free cash flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of free cash flow are that free cash flow does not reflect our future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.Safe Harbor Statement“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about our financial outlook, outstanding shares, products, including our investments in products, technology and other key strategic areas. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements the company makes.The risks and uncertainties referred to above include - but are not limited to - risks related to the COVID-19 coronavirus pandemic; our ability to retain and upgrade customers; our revenue growth rate; our brand; our marketing strategies; our self-serve business model; the length of our sales cycles; the growth and development of our salesforce; security measures; expectations regarding our ability to timely and effectively scale and adapt existing technology and network infrastructure to ensure that our products and services are accessible at all times; competition; our debt; revenue recognition; our ability to manage our growth; our culture and talent; our data centers;  privacy, security and data transfer concerns, as well as changes in regulations, which could impact our ability to serve our customers or curtail our monetization efforts; litigation and regulatory issues; expectations regarding the return on our strategic investments; execution of our plans and strategies, including with respect to mobile products and features and expansion into new areas and businesses; our international operations; intellectual property; the application of U.S. and international tax laws on our tax structure and any changes to such tax laws; acquisitions we have made or may make in the future; the price volatility of our common stock; and general economic conditions.Further information on these and other factors that could affect our financial results are included in documents filed with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2020, which should be read in conjunction with these financial results. These documents are or will be available on the SEC Filings section of our Investor Relations website page at investor.surveymonkey.com. All information provided in this release and in the attachments is as of August 6, 2020, and we undertake no obligation to update this information.

  • GlobeNewswire

    Top Tech Companies Join Forces to Push for Diversity and Inclusion at Vendor Organizations

    SurveyMonkey leads effort along with 23andMe, Age of Learning, Box, Chime, Eventbrite, Genesys, Headspace, Intuit, Leaf Group, PagerDuty, Slack, Tile, Tinder, Upwork, and Zoom to add diversity, equity, and inclusion metrics to vendor selection and renewal processesSAN MATEO, Calif., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Today SurveyMonkey announced that 23andMe, Age of Learning (creator of ABCmouse), Box, Chime, Eventbrite, Genesys, Headspace, Intuit, Leaf Group, PagerDuty, Slack, Tile, Tinder, Upwork, and Zoom are among the major tech companies joining SurveyMonkey’s new initiative to track the representation of traditionally marginalized groups working inside their vendors, including law firms, technology services suppliers, food suppliers, landlords, marketing agencies, investment banks, and auditors. Unlike vendor diversity programs of the past (which are typically limited to tracking minority ownership), this new initiative will use a simple survey to also track the representation of women, racial minorities, and LGBTQ individuals within a vendor’s employee base, leadership team, and board of directors. It will evaluate the vendor’s use of inclusive practices for recruiting, retaining, and advancing members of traditionally marginalized groups as well.“Improving diversity, equity, and inclusion is an industry-wide challenge for the technology sector,” said Zander Lurie, CEO of SurveyMonkey. “We have work to do within our own businesses to become anti-racist. We also want to help upend the systemic bias we know still exists in the broader business community. This new initiative enables us to turn diversity, equity, and inclusion into a business metric that will drive accountability in the organizations we rely on to power our companies. Better data will lead to more accountability and—ultimately—progress on critical diversity initiatives.”Participating organizations have agreed to begin laying the groundwork for collecting diversity and inclusion data from new and existing vendors within the next 30 days, and to incorporate supplier diversity into decision-making over the long term. The companies will continue to collaborate and develop best practices for using their budget to push for change within the broader business community.Of the initiative, dean of the Wharton School of the University of Pennsylvania and SurveyMonkey Board Member Erika James said, “This is a critical piece of the puzzle when it comes to untangling the complicated factors that lead to underrepresentation across corporate America. There’s power in these companies coming together to take a stand and leverage their budgets to make an impact. No one company can have the impact that the collective can.”The program was created in collaboration with the social impact consultancy The Justice Collective, which will continue to provide support to participating companies and their vendors. Additional resources and a link to the vendor workforce diversity survey template can be found at surveymonkey.com/equity. ABOUT THE JUSTICE COLLECTIVE The Justice Collective (TJC) is a 100% Woman-of-Color owned social impact consultancy that centers racial and social equity. Founded in Oakland, CA, and led by Danielle DeRuiter-Williams, Ellie Tumbuan, and Lena Carew, TJC formed in response to the Movement for Black Lives and growing concerns of persistent injustices. Since 2015, TJC has evolved into a company that empowers and equips leaders and teams within organizations, companies, and movements to take measurable steps towards a bolder vision for our workplaces and our communities.ABOUT SURVEYMONKEY SurveyMonkey is a leading global survey software company that enables organizations to turn feedback into action. The company’s platform empowers over 17 million active users to measure and understand feedback from employees, customers, website and app users, and the market. SurveyMonkey’s products, enterprise solutions, and integrations enable more than 335,000 organizations to solve daily challenges, from delivering better customer experiences to increasing employee retention​, thereby unlocking growth and innovation. Ultimately, SurveyMonkey's vision is to raise the bar for human experiences by amplifying individual voices.Media contact pr@surveymonkey.com

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    Zacks

    Earnings Preview: SVMK Inc. (SVMK) Q2 Earnings Expected to Decline

    SVMK Inc. (SVMK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.